Derivative Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative InstrumentsThe Company’s foreign currency risk management strategy is principally designed to mitigate the potential financial impact of changes in the value of transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. The Company enters into economic hedges utilizing foreign currency forward contracts with maturities that do not exceed approximately three months to manage the exposure to fluctuations in foreign currency exchange rates arising primarily from foreign-denominated receivables and payables. The gains and losses on these derivatives are intended to be offset by the changes in the fair value of the

assets and liabilities being hedged. These economic hedges are not designated as hedging instruments for hedge accounting treatment.

The Company had the following outstanding forward contracts (in thousands):

	December 31, 2022			December 31, 2021
Currency	Notional Value	USD Equivalent		Notional Value	USD Equivalent
Derivatives Not Designated as Hedging Instruments:
Euro	60,000	$	64,174	65,000	$	73,748
Mexican Peso	185,000	9,480		140,000	6,842
Chinese Renminbi	55,000	7,619		54,374	8,500
Japanese Yen	700,000	5,281		600,000	5,213
Hungarian Forint	1,590,000	4,238		1,355,000	4,155
British Pound	3,445	4,161		3,370	4,552
Canadian Dollar	1,730	1,278		1,480	1,167
Swiss Franc	1,120	1,218		—	—

Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	Fair Value				Balance Sheet Location	Fair Value
		December 31, 2022		December 31, 2021			December 31, 2022		December 31, 2021
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contracts	Prepaid expenses and other current assets	$	27	$	39	Accrued expenses	$	479	$	230

The following table summarizes the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands):

Asset Derivatives					Liability Derivatives
	December 31, 2022		December 31, 2021			December 31, 2022		December 31, 2021
Gross amounts of recognized assets	$	27	$	39	Gross amounts of recognized liabilities	$	479	$	230
Gross amounts offset	—		—		Gross amounts offset	—		—
Net amount of assets presented	$	27	$	39	Net amount of liabilities presented	$	479	$	230

Information regarding the effect of derivative instruments, net of the underlying exposure, on the consolidated financial statements was as follows (in thousands):

	Location in Financial Statements	Year Ended December 31,
		2022		2021		2020
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operations	Foreign currency gain (loss)	$	9,823	$	4,262	$	(12,308)